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Audit Highlights

The following are highlights of our work during the April 1, 2023–September 30, 2023, semiannual reporting period.

Federal Open Market Committee Investment and Trading Rules
The Board's and the Federal Reserve Banks' approach to monitoring personal investment and trading activities for possible conflicts of interest can be strengthened.

Main Street Lending Program Loan Participation Purchases
Some key processes for purchasing Main Street Lending Program (MSLP) loan participations were not formally documented, which can lead to loss of institutional knowledge or inconsistency in process.

Climate Risk Supervision
Uncertainty about the timing and magnitude of the effects of climate change and the lack of quality data pose challenges for supervisors and financial institutions.

The CFPB's Exercise of Contract Options
The CFPB did not consistently document that all Federal Acquisition Regulation requirements were met before exercising options, did not always exercise options before the associated contracts expired, and did not always notify the contractors of the option extension within contract-required time frames.

Material Loss Review of Silicon Valley Bank
Silicon Valley Bank (SVB) failed because of unchecked, rapid growth; significant concentrations; and ineffective leadership. The Board and the Federal Reserve Bank of San Francisco (FRB San Francisco) should have acted earlier or taken stronger action to address identified weaknesses at SVB.

Supervision of Silvergate Bank
Silvergate's concentration in crypto industry deposit customers, rapid growth, and multilayered funding risks, as well as weaknesses in the bank's corporate governance and risk management capabilities, led to the bank's voluntary liquidation. The Board and FRB San Francisco should have escalated concerns through stronger, earlier, and more-decisive supervisory action.

The Board's Information Security Program
The Board's information security program continues to operate effectively at a level-4 (managed and measurable) maturity.

The CFPB's Information Security Program
The CFPB's information security program continues to operate effectively at a level-4 (managed and measurable) maturity.


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Audit Reports

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